Don’t get carried away this Black Friday

This week many of South Africa’s excited shoppers prepare themselves for Black Friday where they will enjoy some of the year’s best bargains. Of course, with Black Friday comes both temptation and responsibility.

Consumers should do proper research and preparation beforehand so that they are less likely to fall into the trap of spending unnecessarily, and beyond their means. People also need to be mindful that the festive season is just around the corner and this comes with additional expenses and temptations of its own.

The key is to make Black Friday work for you. Instead of splurging on items that you don’t really need and can’t realistically afford, you should be strategic about the sales. With proper planning and thought, you'll end up saving yourself money by making smart and necessary purchasing decisions.

Here are our tips to making sure your Black Friday is a financially savvy one:

Plan beforehand

Approaching Black Friday blindly is a recipe for disaster. It is also an easy way to end up buying unnecessary items just because they are on sale, resulting in you going over budget.

Write up a list of the things that you need and intend to buy, as well as the amount you are willing to spend on each item. This way you are managing your own expectations by only purchasing what you need and for what you are willing to spend.

With the festive season coming up, you can also write a list of the people you are planning to buy presents for and what you are willing to spend on each person. Then try to see if you can purchase some of these gifts on sale.

You can really make Black Friday work for you by going in with a set plan.

Set yourself a spending limit

Before writing a list of the things that you need, set yourself an overall spending limit that you should not go over. This limit should be based on your existing budget, it should be realistic and affordable.

If you find that you cannot get all the items you need without going over budget, rewrite your list in a hierarchical order of importance and only purchase the most important items up to the amount that you can afford.

Cash is king

You should avoid buying luxury items or non-essentials on credit, as accumulating credit card debt is an easy way for your debt to start spiralling out of control. Remember that buying something on credit is a commitment that will probably last longer than the novelty of the item you have purchased.

Aim to pay cash this Black Friday to minimize any longer-term debt commitments.

With Black Friday and the festive season just around the corner, there is plenty of opportunity to plan and find the items that you need at discounted prices. If you approach Black Friday and the festive season fully prepared, you can make it a financially savvy event that will be beneficial for you.